Global Dividends

Updated Aug. 9, 2006 12:01 a.m. ET

The European Union could add 8% to its GDP per capita, or &euro;5,000 per household, over the coming years. Here's the catch: Europe needs to embrace free trade and open markets. Don't take our word for it. These are the results of a European Commission study, "Globalization: Trends, Issues and Macro Implications for the EU."

"Many commentators erroneously focus on the highly visible localized losses (which are often highly concentrated) rather than the less visible, but real, macroeconomic gains which...